dotData Secures $31.6 Million in Series B Funding from OTSUKA CORPORATION, Sumitomo Mitsui Banking Corporation, and Sumitomo Mitsui Trust Bank, Limited. ~bringing the total amount of funding raised to date to $74.6 million~
SAN MATEO, Calif., April 27, 2022 – dotData, a leading company focused on delivering full-cycle data science automation and operationalization for the enterprise today announced that it has raised $31.6 million in Series B funding, bringing the total amount of funding raised to date to $74.6 million. The Series B financing round was led by OTSUKA CORPORATION, Sumitomo Mitsui Banking Corporation, and Sumitomo Mitsui Trust Bank, Limited.
dotData, Inc. was founded in 2018 in Silicon Valley, California with the vision of creating a world where organizations of any size could leverage the power of data to create better products and services. dotData’s first offering – dotData Enterprise – delivered on the promise of full-cycle data science automation by leveraging dotData’s unique “Automated Feature Engineering” technology. dotData has helped customers in finance, telecommunications, manufacturing, retail, and other industries create value directly from data to improve business competitiveness, optimize demand forecasting, reduce costs and enhance revenue through AI and Machine Learning.
“We are thrilled of the confidence shown by our investors, OTSUKA CORPORATION, Sumitomo Mitsui Banking Corporation, and Sumitomo Mitsui Trust Bank in our vision of creating a world where more people can benefit from the value of AI,” said Ryohei Fujimaki, Ph.D., CEO, and founder of dotData. “All three companies are also early adopters of dotData, and we are looking forward to furthering business collaboration with each. The latest round of funding will enable dotData to accelerate product development and innovation to better meet customers’ demand and continue supporting customers’ business transformation through AI.”
“Otsuka Corporation invested in dotData to form a stronger alliance and to expand on existing synergies with dotData in the areas of AI,” said Yuji Otsuka, President and Chief Executive Officer of OTSUKA CORPORATION. “Through this alliance, we will be able to strengthen the development and provision of our enterprise-AI solutions in order to accelerate digital transformation (DX) efforts for our clients.”
“Our investment in dotData positions Sumitomo Mitsui Trust Bank as a strategic partner of dotData, jointly promoting the utilization of AI. Through our combined efforts, we will be developing business opportunities in the data science domain and in helping organizations with training of digital-human resources,” said Toshio Masui, Managing Executive Officer of Sumitomo Mitsui Trust Bank.
As investments in digital transformation (DX) continue to accelerate, the demand for the “democratization of AI” will continue to increase. Businesses of all sizes will increasingly need to empower more people across a broad range of areas of excellence by using AI to work more efficiently and to achieve greater results. These funds will allow dotData to strengthen the development of our AI Automation products and services in an effort to expand on our goal of helping our clients address business challenges and bring transformational value to their businesses. dotData will also utilize these funds to expand its sales channels and further enhance business alliances to continue to accelerate the democratization of AI.
dotData solves the biggest challenge for organizations of any size: Turning raw business data into valuable and meaningful features ready for Machine Learning (ML) and Artificial Intelligence (AI) deployments and applications. dotData helps businesses that are just getting started with predictive analytics and more mature organizations that have established data science and data engineering processes. Our core technology automatically converts data from data warehouses and lakes into data marts and feature tables by exploring the relationships between varied data tables with hundreds of columns and millions of rows.
Forrester recognized dotData as a leader in ML and AI in 2019, and CRN named dotData to its Big Data 100 list four years running. dotData was named a CB Insights Top 100 AI Startups for 2020 and was recognized as the “best machine learning platform” for 2019 by the AI breakthrough awards. Fortune 50 companies around the Globe rely on dotData to help them accelerate their ML, AI, and Advanced Analytics projects. For more information, visit www.dotdata.com, and join the conversation on Twitter and LinkedIn.